Figuring out the best way to market your products is often one of the most difficult aspects of running a business. You can use a product-based marketing strategy or a customer-based marketing strategy for your products and services. Choosing the right method can be the difference between success or failure.
Product-Based Marketing Pros
One of the primary advantages of using a product-based marketing system is that you can focus on what you do best. The product you produce is most likely what your business is passionate about. You can focus on making the best product at the best possible price and let the rest sort itself out. Another advantage of this is that you can develop a reputation for providing quality products in the marketplace. If you focus on promoting the product, you can create loyalty among your customers because of the high quality of the item.
Product-Based Marketing Cons
One of the disadvantages of using a product-based marketing strategy is that you can alienate your customers. When you focus only on the product and do not pay attention to the customer, you can leave some customers behind. Not only do you have to create a quality product, but you also have to match it up to a target market. If you do not spend any time catering to your target market, you may be leaving sales on the table.
Customer-Based Marketing Pros
Using a customer-based marketing system can give you some advantages as well. With this strategy, you can find out exactly what your customers want or need and then provide it. Once you do this, your customers will be more likely to buy the products or services you offer. You can also create more customer loyalty because the customers know you are interested in what they want and you are willing to provide it.
Customer-Based Marketing Cons
One of the potential disadvantages of a customer-based marketing system is that it can be costly. When you need to find out what the customer wants, it's necessary to invest in some market research. This can be difficult to implement for some smaller companies. Another drawback is that it can take you away from focusing on putting out quality products and services. If you spend all of your time trying to cater to the needs of individual customers, it can be distracting.